Nomura Holdings Inc. and Royal Bank of Scotland Group helped fuel a bubble that led to the collapse of the U.S. housing market, an attorney for the Federal Housing Finance Agency said at the opening of a trial over defective mortgage-backed securities.

"Nomura and RBS were very willing participants in creating the worst financial crisis in the U.S. since the Great Depression," Philippe Z. Selendy, a lawyer with Quinn Emanuel Urquhart & Sullivan LLP representing the FHFA, said in U.S. District Court in Manhattan Monday.

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